Former TDAM head becomes new leader for wealth management and insurance
TD Bank Group has made some changes to its senior executive team as its group head of Canadian personal banking prepares for a new opportunity at Discover Financial Services.
Michael Rhodes is joining the US-based card issuer and digital bank in March 2024 as CEO and president, and president of Discover Bank, having been with the Canadian big six bank for 12 years.
“I am honored to be joining Discover at such an important time for the Company and leading its 20,000 employees to deliver on their important mission of helping people achieve brighter financial futures,” said Rhodes.
His departure means some changes to the senior executive team at TD with Ray Chun stepping into the group head of Canadian Personal Banking role. He has been with TD for more than 30 years with leadership roles in Personal Banking Products, Branch Banking, TD Waterhouse Private Client Group, TD Direct Channels Sales, and Customer Experience & Operations, and was also president of TD Insurance.
"Ray is a proven leader with a strong track record of building successful businesses, delivering innovative solutions and developing talent. He brings a deep understanding of the market and a relentless focus on the customer to his new role," said Bharat Masrani, group president and CEO, TD Bank Group.
New wealth management leader
Chun will be succeeded by Tim Wiggan, a TD stalwart having joined the firm almost 25 years ago when it acquired Newcrest Capital. He has held several leadership roles including four years as CEO of TD Asset Management, and most recently vice chair of TD Securities and co-head of global investment banking.
"Tim has demonstrated his ability to grow both our Wealth and Capital Markets businesses and to develop long-term trusted relationships with our clients. He will continue to leverage OneTD, expand our Canadian, U.S. and international Wealth business, and deliver the next phase of growth in Wealth Management and Insurance," said Masrani.
